Acca financial Accounting (FA) Study Text ac ca (FA)

Returns, discounts and sales tax 

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KAPLAN PUBLISHING

 

 

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KAPLAN PUBLISHING

 

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Inventory 

Chapter learning objectives 

Upon completion of this chapter you will be able to: 

•

 

record the adjustments for opening and closing inventory 

•

 

apply the principles of inventory valuation in accordance with 

IAS 2 Inventories 

•

 

recognise the costs that should be included in inventory 

•

 

calculate inventory cost using the FIFO and AVCO methods 

•

 

understand and identify the impact of inventory valuation on 

reported profits and assets. 

 

Chapter 

6 

 

PER

 

One of the PER performance objectives (PO6) is 

to record and process transactions and events. 

Working through this chapter should help you 

understand how to demonstrate that objective. 

 

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Inventory 

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